Sinclair Skinner, the Bitmari founder
We recently covered a new Bitcoin money remittances startup called Bitmari, which is set to be launched in a few weeks. As always, the issue of Bitcoin’s relevance started a heated debate around its merits, especially for the Zimbabwean market.
We managed to get some brief responses for the founder of Bitmari, Sinclair Skinner. In the following Q and A, he gave some insight on what Bitmari will be working on, and how much the service will cost.
We understand that the biggest value proposition for Bitmari is the cost that is reduced for remitting money. How big a saving will senders of money experience with this platform?
Bitmari will have a 5% flat fee.
Which financial institution and wallet provider is Bitmari partnering with?
We are still negotiating that.
Is it just one partnership or there are several other similar partnerships lined up?
There are several partnerships lined up.
Are there any other service providers, which you are working with, that are willing to receive Bitcoin sent through Bitmari, and use the Bitcoin for payments?
As Bitmari, we are only focused on remittances.
What has been the reception from the Reserve Bank of Zimbabwe for such a service?
The reception has been great. They have been straightforward and interested in what will help the country as a whole.
Will Bitmari expand into other services besides remittances? If so, which areas are you targeting?
We are looking at financing land reform farmers.
How do you plan on dealing with a lack of information and awareness on cryptocurrencies in the market?
Zimbabwe was selected because of its high literacy rate, high cellphone penetration, high mobile banking usage and most importantly willingness to adopt new economic systems. Zimbabwe has utilized an international economy since 2009. A 10-year-old child in Zimbabwe knows more about FOREX than most adults in Europe and U.S.
Do you have any strategies for dealing with the huge presence of mobile money, which is essentially a competitor with its relationships with traditional remittance services?
We are interested in collaborative relationships that provide the best solutions for Zimbabweans. We will work with all platforms.